4 ms·
In CA, only the purchase loan is non-recourse. Refinance loans are not non-recourse, that is, the lender can come after you if you bail on a refinance loan. I
by anamax 16y ago
In CA, only the purchase loan is non-recourse. Refinance loans are not non-recourse, that is, the lender can come after you if you bail on a refinance loan.
I'd guess that home equity loans (in CA) are also not non-recourse.
IANAL, YMMV.
- TylerJewell 16y agoA purchase money loan can apply to a 1st and an equity line as long as both loans were taken out for the purchase of the home. In my situation, I put 10% down, took a 50% mortgage and 40% equity line.